2060 2011 L1
Transcript of 2060 2011 L1
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Marketing Management
Lecture 1
Basic concepts
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WEEKS THEMES LECTURE TITLES
LECTURER
INITIALS
Week 1 Overview of the Module & Evolution of
marketing
Understanding marketing and marketing concepts
Week 2 The Marketing Mix
Week 3 Marketing Environment (1) Micro environment and Macro Environment
Week 4 Marketing environment (2) Green Marketing, Environmental scanning + case
study/group work
Week 5 Social Responsibility Social Responsibility
Week 6 Analysing Industry Attractiveness Competitor’s analysis and Porter’s model, etc
Class activity : Case study
Week 7 Marketing Research and Marketing
Information System (1)
Marketing Research, Research Design & MIS
Week 8 Marketing Research and Marketing
Information System (2)
Questionnaire Design and Attitude Measurement
Techniques
Week 9 Consumer and business to business
buying behaviour (1)
Types of consumer buyer behaviour & business
buying behaviour
Week 10 Class activity:
Week 11 Consumer and business to business
buying behaviour (2)
Influences, stages of decision making process
Week 12 Target Marketing Market Segmentation, Market Targeting and
Product Positioning
Week 13 Group Presentation
Week 14 Group Presentation
Week 15
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WEEKS
THEMES
LECTURE TITLES
LECTURER
INITIALS
Week 1 Recap of themes covered in first
semester and introduction to the
marketing mix
The 7Ps
Week 2 Product Management Product Line, Product Mix, PLC, BCG GrowthShare Matrix for Product Management
Week 3 Product Management Services, PLC, BCG Growth Share Matrix for
Product Management
Week 4 Pricing Decisions & Strategies Factors influencing Pricing Decisions, Pricing
Tactics and Strategies, Bases for pricing
Week 5 Distribution & Channel Management Choice of distribution, Channel functions and
decisions, Channel conflict, VMS, Channel
Management
Week 6 Marketing Communication & IMC Promotion mix, Promotion Strategies, Integrated
Marketing Communication
Week 7 (to be confirmed) Class Test
Week 8 The Extended Marketing Mix People, Process and Physical Evidence
Week 9 Service Quality Service Quality Dimensions and the Servqual
ModelWeek 10 Customer Relationship Management Customer relationship management, customer
loyalty and satisfaction
Week 11 Working on case study Group work
Week 12 Strategic Marketing Planning and
Control
Strategic Marketing Planning Process, budgeting,
evaluation and control; marketing plan
Week 13 Group Presentation
Week 14 Group Presentation
Week 15 Revision
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History of marketing
Marketing concept
Selling Concept
Product Concept
Production concept
Societal Marketing concept
More customer Oriented
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THE PRODUCTION CONCEPT
• The production concept holds thatconsumers will prefer products that arewidely available and inexpensive.
• Based on
• Production efficiency
• Low costs• Mass distribution
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PRODUCT CONCEPT
• Consumers will prefer those productsthat offer the most quality performance orinnovative features
• focuses on making superior product andimproving them over time
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THE SELLING CONCEPT
The consumers and businesses if leftalone will ordinarily not buy enough ofthe company’s products. The
organisation must therefore undertake anaggressive selling and promotion effort
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THE MARKETING CONCEPT
• Customer Centered
• Find the right product for the customerinstead the right customer for the product
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SOCIETAL MARKETING
• Focuses on satisfying consumer need aswell as the needs of
• society
MARKETING AND SALES
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MARKETING AND SALES
CONCEPTS CONTRASTED
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What is marketing?
• Marketing is the process of planning andexecuting the conception, pricing,promotion and distribution of ideas, goods,
and services to create exchanges tosatisfy individual and organizational goals”
(AMA)
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Definition 2
• “Marketing is a management process
responsible for identifying anticipating, andsatisfying customer requirements
profitably” (CIM, 2001)
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Definition 3
• “Marketing is identifying and satisfying
consumer needs”
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NEEDS, WANTS & DEMANDS
• Needs are basic human requirements
• Needs become wants when they aredirected to specific objects that mightsatisfy that particular needs.
• as shaped by culture and individualpersonality
• Demands are wants for specific productsbacked by an ability to pay.
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DISCUSSION
• Do People Really Know what they Need?
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1. What does it mean when a
customer says he wants an“Inexpensive Car”?
• Stated Need …..Inexpensive car
• Real Need….. Inexpensive to maintainand not initial cost
• Unstated Need…. Good service
• Delight Need….. Mp3, DVD
• Secret Need…… wants to look savvy
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MARKETERS & PROSPECTS
• Marketer is someone who is seeking aresponse (attention, purchase, vote,donation) from another party called the
prospect.
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VALUE PROPOSITION
• A Value Proposition is a set of benefitscompanies offer to customers to satisfytheir needs
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VALUE
• Value is the ratio between customer benefitsand customer costs
• Customer value= Customer benefits/customer
costs• Cost
• Monetary cost, time cost, energy cost, psychiccost
• Benefits• Functional benefits
• Emotional Benefits
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VALUE AND SATISFACTION
• If performance is lower than expectations,satisfaction is low
• If performance is higher than expectations,satisfaction is high
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RELATIONSHIP MARKETING
• Relationship marketing has the aim ofbuilding long term relations with keyparties-customers, suppliers, distributors-
in order to earn and retain their business
• Marketers achieve this by promising anddelivering high quality products andservices to the other parties over time
ADVANTAGES OF
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ADVANTAGES OF
RELATIONSHIP MARKETING
• Cuts down on transaction cost and time
• Builds strong economic , technical andsocial ties
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NETWORKS
• A marketing network consist of thecompany and its supporting stakeholderswith whom it has built mutually profitable
relationships
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MARKETING MYOPIA
• Thinking too narrowly of competition.
• Sellers pay more attention to the specificproducts they offer than to the benefitsand experiences produced by theproducts.
• They focus on the “wants” and lose sight
of the “needs.”